What happens if a bank gets a bad CRA rating?
Of the four ratings a bank can receive for their CRA performance, only the Needs to Improve and Substantial Non-Compliance are viewed as “bad” ratings. However, especially in the case of a Needs to Improve rating, just because the bank received a negative rating doesn’t mean that the bank is ignoring the community. In some…
What is peer lending data?
Peer lending data is accumulated each year by most banks and other lenders in the United States. The requirements for compiling and reporting peer lending data are outlined in federal regulations. The Home Mortgage Disclosure Act requires mortgage lenders to report all mortgage applications in a standardize format each year. The CRA requires banks to…